Rent trends; 12K units by year-end​​​

​​​​​​AUSTIN – Austin remains one of the most coveted real estate markets in the nation.

Further strengthening housing demand, the metro’s population is expected to grow by 2.8 percent in 2018​

According to Yardi Matrix’s Spring 2018​ Multifamily Report​​​​, momentum in the rental sector has slowed, with rents only rising by 0.1 percent year-over-year through February 2018​, to an average of $1,282, trailing the nation average by about $80.

Rent growth was uneven in Austin, with about half of all submarkets recording rent decreases.

Growth was highest in Downtown–North (up 5.7 percent to $2,409), followed by the University of Texas (up 1.1 percent to $2,118).

By year-end, Yardi Matrix expect rents to rise by 1.6 percent.

About 19,300 units were under construction as of February, with more than 12,800 units slated for completion by the end of 2018.

Large developments underway include the 800-unit Plaza Saltillo in East Austin, slated for completion March 2019, and 400-unit Lenox Springs in Sunset Valley, scheduled for completion April 2018.​​